I recently heard about this new account the government of Canada is working on implementing at the start of 2009. If implemented, the CalendarBudget personal finance app will definitely help you manage your tax-free savings account. Here are some links to the details of what they are planning:

There are a few details that the government is still working out that I am waiting to hear to decide if this account will be of use to me at this time or if I will have to consider it in the future.

The one great thing I have noticed is how it allows you the contribution room back when you take money out of the account, unlike an RRSP. So if you invest $5000 (which is the room for the contribution you would have each year), and you decide to take $1000 out at the end of the year. In the next season, you will then have the $5000 contribution room plus the $1000 that you took out, so you would be able to contribute $6000.

I will look further into this as the government makes a decision on the different rules for this account and inform you of what I find.

What is the equivalent account offered in your area?

CalendarBudget, as an online budget tool, wants to get you into the habit of managing your money properly and offers a Budgeting Habit Installer video course. Start the course today to build financial peace of mind with the CalendarBudget personal finance app.